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The number of graduates leaving university this summer with debt has topped 230,000, according to a financial comparison website.

Research by the Fair Investment Company found that almost quarter-of-a-million students could face soaring overdraft charges as banks withdraw interest-free facilities.

The Fair Investment Company said shopping around for the best graduate account deal could save recently qualified students money.

Ed Kendall, spokesperson for the company, said: "Graduation is a big step ahead into a new phase of your life."

"It's also a great opportunity to take a step in the right direction to get your finances organised," he added.

He said that while looking for their first job after university, graduates, who do not have money to spare, should at least keep a close eye on their bank charges.

According to new research carried out by Liverpool Victoria (LV), parents spend £233 billion on supporting their children in adulthood.

LV found that 94 per cent of parents over 40, with children aged 18 or over, continue to contribute to their children's education and major purchases, such as a new house or a car.

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